Peter Schiff Says Trump's 'Rhetoric' Aside, Tariffs Haven't Reduced US Trade Deficit: 'More Reliant Than

Economist Peter Schiff on Tuesday criticized President Donald Trump‘s trade policies after the U.S. trade deficit widened 42% in May, the largest monthly gap since March 2025.

Schiff Says Tariffs Have Failed To Narrow Trade Gap

Schiff, in a post on X, said the latest trade data showed the U.S. remained heavily dependent on imports despite Trump’s tariffs aimed at narrowing the trade gap.

“For all Trump’s rhetoric and tariffs meant to reduce our trade deficits, we are more reliant than ever on the rest of the world to produce what we consume and lend us the money to buy it,” he added.

Imports Hit 14-Month High As Exports Decline